Hickman Mills superintendent says S&P affirmed district rating; board hears budget update ahead of bond proceeds

Superintendent Dr. Carpenter presented the district financial update for the month ended April 30, 2026, summarizing revenue, expenditures and progress toward closing the year.

Key figures presented: the working revenue budget for the year was listed as $91.6 million and year-to-date receipts were approximately $80.5 million (about 87.8% of the budget). Expenditures were estimated at $102 million for the working budget, with $78 million spent to date (roughly 70%). The superintendent said the district is still submitting federal requests and anticipates additional revenue through the end of the fiscal year.

Bond timeline and credit rating: Dr. Carpenter said the district completed a due-diligence call with S&P Global and that, despite starting the year with a roughly $14 million deficit, S&P had affirmed the district’s current rating after reviewing the administration’s responses and plans for stabilization. He said bond proceeds from the voter-approved general obligation bond are expected in June 2026; initial use will be to pay off operating lease debt and then fund capital projects.

Compliance and budget book: Administration told the board a formal budget book is being produced to meet Missouri state statute requirements; the district is shifting toward more frequent financial reporting (monthly) for transparency.

What the board did: The board received the report and later approved the superintendent’s set of reports by roll call.

Context and next steps: Dr. Carpenter said final year-end numbers will be presented in June and noted the timing of state-level processes that affect accreditation and oversight. The board requested continued monthly updates and additional documentation as the district finalizes purchases tied to bond proceeds.